Wall Street tumbles 1% on global growth concerns

US stock indices opened the last session of the week lower on risk aversion in the market amid concerns of slower global growth in the last quarter of the year following disappointing data from China and the EU. 

US treasury bonds - and subsequently the dollar- were boosted by haven demand, days before the Federal Reserve's December 18-19 policy meeting this month, expected to see another 25 basis points rate hike for the fourth time this year. 

From the US, retail sales rose 0.2% in November, beating estimates of a 0.1% increase, while down from October's 1.1% increase. 

Core sales, excluding transportation, rose 0.2%, matching estimates and down from 1.1% in October. 

US industrial production rose 0.6% in November, compared to a 0.2% dip in October, beating estimates of a 0.3% increase.

The capacity utilization rate rose to 78.5% from 78.1%, slightly missing estimates of 78.6%. 

Finally, the manufacturing PMI receded to 53.9 from 55.4, while the services PMI slipped to 53.4 from 55.4, missing estimates of 54.7. 

Stock Performance 

As of 03:40 GMT, Standard and Poor's 500 shed 0.90%, or 23.97 points to 2,626.57, while Dow Jones tumbled 1.11%, or 273.88 points to 24,323.50. 

Tech-heavy NASDAQ slumped 0.88%, or 62.08 points to 7,007.88.